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(M4) Clears Support

GILT TECHS
  • RES 4: 99.37 High Apr 4
  • RES 3: 99.19 76.4% of the Mar 12 - Apr 25 bear leg
  • RES 2: 99.10 High Apr 10
  • RES 1: 97.71/98.76 50-day EMA / High May 16 and bull trigger
  • PRICE: 96.99 @ Close May 22
  • SUP 1: 96.83 Low May 22
  • SUP 2: 96.43/16 Low May 3 / 76.4% of the Apr 25 - May 16 rally
  • SUP 3: 95.36 Low Apr 25 and the bear trigger
  • SUP 4: 94.86 2.236 proj of the Mar 12 - 15 - 22 price swing

Gilt futures gapped lower at yesterday’s open. This resulted in the contract trading below support at 97.23, the May 14 low. The breach of this level undermines a recent bullish theme. A continuation lower would signal scope for a move towards key support at 95.36, the Apr 25 low. On the upside, initial resistance is seen at 97.71, the 50-day EMA. A break of key resistance at 98.76, the May 16 high, is required to reinstate a bullish theme.

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